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Collections Law/Mortgage Deficiency Summons

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Expert: Creditwrench - 6/15/2009


Question
I received a summons requesting a response. I bought a parcel of land in AZ for investment years ago. As a realtor not making ends meet, I decided to stop payments and M&I Marshall & Isley foreclosed on the property. After the trustee sale there is a deficiency in the amount of $171,000.00 that they want repaid. Can I negotiate with the trustee to pay off a reduced amount? I really an not interested in filing Bankruptcy what are my options and can I do the response to the summons myself?

Answer

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You can try to negotiate or you can file bk or you can learn how to respond to the summons correctly and how to take them to federal court and make them ask you how much it is going to cost them to make you go away and leave them alone. Of course, part of your response to that question will be that they also go away and leave you alone plus pay you for your costs and damages. Yes, you can do the response yourself, but it isn't just the response you have to prepare. You also need a certificate of mailing, demand for admissions, validation letter and before you are done with the process you will also want to prepare and use your other discovery tools. You might also need to prepare various motions, objections, and other documents before it is all said and done. Yes, you can learn to do all of those with no problem. You can also learn how to prepare all your documentation and paperwork to take them to federal court and whip the pants off of them. My students do it all the time. No problem. Also, with them suing you for that amount of money I'd say you are going to need to get some asset protection in place so they can't grab anything if they do get a judgment. You need to learn how to do all that and you need to start learning right now before it is too late.  

Creditwrench

Expertise

Debt Collections law, Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), federal law, how to properly answer court summons for collection cases, how to prepare federal cases against debt collectors, how to deal with debt collection phone calls.

Experience

I've been an active consumer advocate for more than 40 years and have helped hundreds of people win cases against debt collectors as well as helping them defeat demands for summary judgment lodged against them by banks, debt collectors and defeat mortgage foreclosures and keep their homes.

Education/Credentials
Paralegal courses for the most part.
I have been teaching people how to deal with judgments, mortgage foreclosures and other such problems both on and off the internet for many, many years. I am a Richard Cornforth information provider ever since 2000 and worked with many other organizations and causes since 1980. I was Oklahoma State Chairman for the nationwide drive to defeat the Constitutional Convention which was proposed by various factions within our federal government such as the Council of State Governments and the National Organization of State Governors who were working hard to organize a Constitutional Convention to be held in 1995 for the purpose of rewriting our American Constitution to be more acceptable to the United Nations. I worked with Senator Charles Duke of Colorado and Senator Don Rogers of California and many others across the nation to keep them from getting the number of delegate states required to lawfully hold a Con-Con and we were successful. I have worked with many other legislative issues in Oklahoma and have always been very successful.

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